NEX Symbol: CW.H
TORONTO, May 9 /CNW/ - Carlaw Capital III Corp. ("Carlaw" or the "Corporation") is pleased to announce that it has entered into a letter of intent
with Galane Gold Mines Ltd. ("Galane"), pursuant to which Carlaw will acquire all of the issued and
outstanding common shares in the capital of Galane (the "Proposed Transaction"). Galane recently entered into a purchase agreement to acquire,
subject to the fulfillment of certain conditions, gold-producing assets
in the southern region of Africa.
When completed, the Proposed Transaction will constitute Carlaw's
qualifying transaction pursuant to the policies of the TSX Venture
Exchange (the "TSXV"), and is subject to compliance with all necessary regulatory approvals
and certain other terms and conditions. A comprehensive press release
with further particulars relating to the Proposed Transaction will
follow in accordance with the policies of the TSXV.
Carlaw is a capital pool company ("CPC") formed under the TSXV CPC program. In October 2010, Carlaw's listing
was transferred to the NEX board of the TSXV under the trading symbol
Completion of the Proposed Transaction is subject to a number of
conditions, including but not limited to, TSXV acceptance. There can
be no assurance that the transaction will be completed as proposed or
Investors are cautioned that, except as disclosed in the filing
statement to be prepared in connection with the Proposed Transaction,
any information released or received with respect to the Proposed
Transaction may not be accurate or complete and should not be relied
upon. Trading in the securities of a CPC should be considered highly
The TSXV has in no way passed upon the merits of the Proposed
Transaction and has neither approved nor disapproved the contents of
this press release. Neither the NEX Board of the TSXV nor its
Regulation Services Provider (as that term is defined in the policies
of the TSXV) accepts responsibility for the adequacy or accuracy of
Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that
are subject to significant risks and uncertainties that are difficult
to predict. Actual results might differ materially from results
suggested in any forward-looking statements. The Corporation assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
forward looking-statements unless and until required by securities laws
applicable to the Corporation. Additional information identifying risks
and uncertainties is contained in the Corporation's filings with the
Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Carlaw Capital III Corp.
For further information:
Amar Bhalla, Chairman, Chief Executive Officer and Chief Financial Officer
Carlaw Capital III Corp.
Philip Condon, President and Chief Executive Officer
Galane Gold Mines Ltd.